- 16 January 2018
- Posted by: Staff
- Category: Brief consultancy, Cryptocurrencies, Europe
A very few people considered the relationship between Belarus and cryptocurrencies to be relevant. But December 21, 2017 will be remembered as a key day in the history of the “law of the crypto-economy”. It was the day that Aleksandr Lukašenko, President of Belarus, signed Decree No. 8 “On the development of the digital economy”. It is the first legislative act to regulate the implementation of blockchain technology, the issue of tokens, the activity of mining and other aspects not yet regulated by most of the world’s national governments.
In a very brief synopsis, the Decree:
- Defines tokens as objects on which one can assert property rights, and as assets from an accounting point of view
- Provides that both individuals and legal entities can freely own tokens
- Establishes the rules governing the buying and selling of tokens
- Establishes the rules that regulate the working of an ICO (Initial Coin Offering)
- Introduces a legal definition of mining and smart-contracts
- Introduces new contractual categories into private law, in order to facilitate the stipulation of agreements in the crypto-economy.
While leaving anti-money laundering provisions unchanged, the Decree also exempts activities related to the crypto-economy from the national regulation of the securities and foreign currency markets, thus conferring significant tax advantages.
The impact of the Decree will be felt well beyond the Commonwealth of Independent States. Indeed, it has eliminated the legal uncertainty that still looms over the crypto-economy, and laid the foundations for attracting investors and industry experts to Belarus.
It is for these reasons that we are happy to offer a free summary of the regulatory scenario outlined by the Belarusian standard. It can be downloaded for free.